For a majority of Indians, owning a two-wheeler is a necessity, not just a luxury. Commuting is a part of the life of an average Indian. Having one’s own mode of transport can give one the liberty to commute on their own terms. A two-wheeler gives you a ride to freedom from the traffic snarls. It is agile and you can maneuver it easily from the tiniest of spaces. Purchasing a two wheeler should not burn a hole in your pocket anymore. There are two wheeler loans, which can help you with the finances. There are so many lenders out there with attractive two wheeler loan offers. How do you choose the best one?
Here we share a few tips to choose the best two wheeler loan in India.
1. Check the Eligibility Criteria
When you set out to take a bike loan in the market, you need to have an idea of the eligibility criteria. Each lender has its own set of eligibility parameters. You have to fulfil these criteria in order to be eligible for the bike loan. Fulfilling all the eligibility criteria increases the chances of loan approval.
2. Loan Amount
Each lender has a minimum and maximum loan amount range. Some lenders only provide finance for 80% of the on road price of the bike. Indiabulls Dhani provides 100% financing for your bike and you do not have to pay any down payment. With Indiabulls Dhani, you can take a loan for a higher amount than the on-road price if you wish to cover other expenses such as accessories, gear, etc.
3. Flexible EMI Option
EMI is the most important factor to consider. You repay the loan using the EMIs. Here you need to see how long can your tenure be and if the loan providers have the option for such a tenure to pay your EMIs. You can use the bike loan EMI calculator.
4. Loan Process
When you are searching for lenders who provide two wheeler loans, you need to check the loan processing time. In times of technological advancements, loan-processing time has shrunk. Indiabulls Dhani provides personal loan to buy a two wheeler in minutes. This is possible because of the Indiabulls Dhani app and the online process. You can apply for a loan immediately online and if all the documents are as per required then you get approval on the spot. Once you receive the approval, the money is disbursed into your account instantly.
5. Special Offer
Some banks and NBFCs have some special offers when providing two wheeler loans. Indiabulls Dhani lets you finance your bike for the 100% on road price; this is more than any offer you need.
Indiabulls Dhani provides with competitive bike loan interest rate. If you take a two wheeler loan from Indiabulls Dhani you do not need to hypothecate your bike. It is yours the moment you purchase.